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The problem with investment fees is that they are usually much larger and more insidious than line a item on a cable bill.
The answer the OP's question, my financial advisor is with Edward Jones but I would like someone who could also advise me about taxes, not CDs or munis only.
You are a wealthy dude, a doctor, and you listen closely to what your advisor tells you. You are every planner/advisor's wet dream. Find a fee only planner that is a CFP or CFA that can do it all.
$250K avg annual portfolio X 60 working and retirement years X .05 annual fee = $75,000 lifetime adviser fees.
$500K avg annual portfolio X 60 years working and retirement years X .05 annual fee = $150K lifetime adviser fees.
$1M avg annual portfolio X 60 years working and retirement years X .05 annual fee = $300K lifetime adviser fees.
You can buy a lot of investing books for that kind of money. And ask questions here for free. Or buy a rental house for cash and get income every month with the money not spent on adviser fees.
$1.25K in average annual adviser fees, with another $1.25K added every year, invested for 60 years @ 5% interest = $464,078.63 according to the monkey chimp online compound interest calculator.
I'm a bit disappointed today, after meeting with our financial adviser yesterday. He is basing everything on 1 year, 3 year, and 5 year returns, saying that fees don't matter. I'll listen politely, but at the end of all this, that's $2k wasted, I think. ...
I've not used them, but friends in Cincy say Foster & Motley are good CFP's. If not convenient, perhaps they can direct you.Not as wealthy as many, many others here, which is fine with me.
Nonetheless, I have been looking for a good CFP, no luck so far.
This is such a misleading load of cr@p. Yes the PERCENTAGE they skim off becomes smaller, but the fee keeps going UP!
So, the investors should want their portfolio to go DOWN, so the advisor makes less?
Even better would be finding an advisor who actually charges for what they do like other professionals
That would be the true fiduciary who is looking out for your financial interests as they are supposed to.. Instead we find these slick hucksters who just skim off more and more money per hour of work even though they are doing the exact same amount of work. These AUM fakers try to hide their little 3 card Monte scam in misleading pitches about sliding fee scales. My friend who is smart and still sort of fell for the lie is proof that this scam is still fooling plenty of people.
Like the attorney who charged my client $300 to write a letter to the court about an estate? Yeah, there's a lot of work having your paralegal draft a letter that you sign for $300. I think I need to go to law school...........
Tell us how you really feel!
Yeah, that lawyer probably didn't spend any extra time talking to your client or reviewing any files or the will or figuring out where to direct the letter. Charlatan!
You're still young enough to go to law school--why not give it a try?
........ We also are a bit worried their "2020" fund is pretty heavy in bonds. Right now it's way underperforming the stock market,........
a very nice young man from Edward Jones who wanted 3% off the the top, up front, for doing us the favor of managing our money, unless we had at least $1,000,000 we wanted to put in the same basket, in which case the up front fee would have been reduced. .